
Mexico tipped to remain regional offshore exploration leader in 2021

Offshore exploration in Mexico amid the COVID-19 pandemic is looking to move forward in 2021 as public and private sector players update plans for promising shallow and deepwater areas.
Data from hydrocarbons commission CNH, as well as a series of recent authorizations issued by the regulator, suggest spudding is likely to ramp up next year as companies deploy better strategies to operate in an unconventional environment.
This year, Mexico became an offshore exploration hotbed in the region, with 19 wells spudded, according to energy analysis firm Welligence and trade group Amexhi. The figure compares with 17 wells in the US.
Other significant players in the Americas include Guyana (6), Suriname (5) and Brazil (5).
NOC Pemex has a strong government mandate to lift its output over the next few years despite the international oil price crash.
However, only 30% of the wells were spudded by Pemex, according to Welligence, with the rest corresponding to private sector producers, reflecting the fact that private interest in Mexico’s shallow waters has remained strong despite the pandemic and oil prices.
CNH authorized 15 shallow water wells in 2020, with seven of currently being spudded and three due to be spudded shortly. All except one, the Moyote exploration well of Malaysia’s PC Caligari, are Pemex projects.
In terms of deepwater and ultra-deepwater areas, China Offshore Oil Corporation is preparing to spud the Xakpún well in its CPP-04 concession off the coast of Tamaulipas and is spudding the Ameyali well in its CPP-01 concession, while Shell is spudding a well in the AP-P-G06 area off Tamaulipas and preparing two more wells: one in the AP-P-G07 area and one in AP-P-G03.
Mexico awarded 112 contracts to private players as part of a series of licensing rounds starting in 2014. Since 2018, no new contracts have been awarded, and the government has no plans to conduct new licensing rounds. However, the government and Pemex have shown some interest in farming out some of the NOC’s concession areas to private partners.
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